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Sustainable Neighborhood Bonds

In 2015, the New York City Housing Development Corporation (HDC) introduced Sustainable Neighborhood Bonds, a new category of social investment bonds and the first for affordable housing in the United States. Building upon the strength of the municipal market in Green Bonds and the growing interest in socially targeted investing, HDC created this new category of bonds to finance socially beneficial projects, specifically the new construction and preservation of affordable housing projects that contribute to the stability and economic diversity of neighborhoods across New York City.

Sustainable Neighborhood Bonds (SNBs) advance the goals of Mayor Bill de Blasio’s Housing New York Plan which was recently expanded and accelerated through Housing New York 2.0 to create and preserve 300,000 affordable homes for low and middle income New Yorkers by 2026, while fostering thriving and diverse neighborhoods.

Initially authorized by the HDC Board of Directors on June 9, 2015, Sustainable Neighborhood Bonds allow investors to invest directly in bonds that finance the new construction and preservation of affordable housing projects that stimulate economic growth and revitalize neighborhoods.

In addition to the affordability and holistic community development components, Sustainable Neighborhood Bonds also address environmental benefits, building on the work HDC does through the Enterprise Green Communities Criteria, the only comprehensive green building framework designed for affordable housing.